Part 9/14:
A significant segment revolves around Bitcoin ETFs, especially in the context of their influence on Bitcoin’s future. The speakers acknowledge that ETFs can be both a positive force, increasing liquidity and adoption, or a risk if they lead to centralization or undue influence over the core network.
They point out that ETFs are social constructs and do not equate to owning Bitcoin itself. For example, owning an ETF does not grant the holder control over Bitcoin’s code or protocol—only access to price exposure. Risks include large entities—like BlackRock—gaining influence over consensus by accumulating significant holdings, potentially skewing development priorities or governance.